2007-10-26 02:34:04 · 6 answers · asked by kahlien05 1 in Business & Finance ➔ Renting & Real Estate
fha is for any buyers...not just for 1st time buyers.
you can buy your second home with it or refinance your current mortgage.
FHA has no score requirement so you can have a 400, but you CANT have any credit lates in the last 12months.
rates are 6.875% and lower for a 30yr fixed mortgage
2007-10-26 07:21:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes there is, but the interest rate will be high. You will need a lot of cash to reserve 6 months of payment in the bank. Beware! if you have bad credit don't take out a 2 year interest only loan, You will kill yourself by the end of the 2 years with bad credit. Due to the fact that with bad credit, it's almost imposible to get a good loan. The best way is to down 20%. But if you can't, You may have to pay a little more every month.
Make sure your collection is clear, and then your credit will build as you buy a home, otherelse than that you will put yourself at risk.
You can check out government grants in your area. Go to yahoo search and type in Gov grants "your state" and look around, give them a call. Government grant helps people with bad credit and low income. I know a lot of people who has it. The trick is, Later on down the road if the help you say like, 50k they will own half of your home unless, You refinance down the road and pay them back when your home appreciates.
2007-10-26 09:44:52 · answer #2 · answered by I_know_it_ALL 3 · 0⤊ 1⤋
The first thing you should do is get a copy of your credit report/file and insure that everything on it is accurate. Many places are more than happy to report you as delinquent and also very lax in reporting to the agency that you have cleared the deficiency. Doing so, alone, may raise your credit score appreciably, should such innacuracies exist.
After that, seek out a qualified mortgage broker who may be able to help you further along those lines, as well as shop around for a lender who may be a bit less strict about credit scores, etc.
Good luck.
2007-10-26 10:02:27 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Contact a reputable lender in your area about credit counseling. Sometimes you can ask your Realtor for a referral (we DO NOT get commissions on referrals to lenders) to a mortgage banker or broker who can help with credit counseling. The banker or broker will want to help you with this, and then when you have things fixed, they can help you with getting the loan to purchase the home you want, within reason of course. Oh yeah, these programs, from bankers or brokers are free.
Another option is to seek out a credit counselor yourself. There are companies that specialize in helping people clean up their credit. The cost is minimal (sometimes around $100/month) and the results are well worth it.
The best thing you can do right off the bat is get rid of any of the department store credit cards you have. They don't help your credit, in fact, they hurt it.
Best of luck to you!!
2007-10-26 09:58:15 · answer #4 · answered by trblmkr30 4 · 0⤊ 0⤋
The process is much longer than applying and getting accepted you have to work on improving your credit by monitoring it daily and sending letters and taking bad credit out and putting good credit in ( did you ever think of it in that way ?) once you have good credit or decent credit depending on your down payment 500-600=80% Loan To Value 600-660= 90 and 95% Loan to value and 660 ++ then you can do 100% loan to value. let me knoiw where you are and I can help if you want ciao
2007-10-26 09:49:03 · answer #5 · answered by Fabio G 3 · 0⤊ 3⤋
A "FHA loan" is strictly for 1st time home buyers. Ask any lender/bank to explain it.
Good luck!
2007-10-26 09:44:28 · answer #6 · answered by Sunny-USA 5 · 0⤊ 1⤋